European Authorities Uncover Major Cryptocurrency Scam Involving Over 100 Victims

According to PANews, European judicial authorities have dismantled a significant cryptocurrency fraud operation, affecting more than 100 victims who were defrauded of at least 100 million euros ($118 million). The operation, led by the European Judicial Organization, involved police raids in multiple countries, including Spain, resulting in the arrest of five suspects, among them the alleged mastermind. Victims were lured with promises of substantial returns on cryptocurrency investments through a professional online platform. However, the funds were funneled to Lithuania for money laundering. When victims attempted to withdraw their investments, they were asked to pay additional fees, after which the fraudulent websites vanished, leaving most investors with significant losses. The scam, which began at least in 2018, spanned approximately 23 countries, with victims primarily from Germany, France, and other European nations. The main perpetrator faces charges of large-scale fraud and money laundering. The raids were conducted last week, but due to legal procedures in various countries, the information was only made public on Tuesday.